I'm formerly in the food and beverage industry as well and right up the road in Old Town Scottsdale.

From the quick read I did, it sounds to me like FHA loans are just loans more catered for people who might not be able to make the loan payments through mortgage insurance?

You also have to consider in the perfect scenario the demographics and what type of tenants your catering towards, is your property in a desirable location?

Just food for thought. 

This is exactly why I have sat idle for the past 8 years not accomplishing anything besides going to the food bank so I can eat.  

We don't mind hard work and will work 24/7 to make something happen, but don't want to do that anymore for someone else.We need at a minimum $4,000 monthly income to cover ALL our living expenses (rent, food, electric, cell phone, etc.) in order to no longer HAVE to work 9-5.

Hi @Maureen F.30% of my rentals cater to S.8 tenants.

If you're getting 3+ calls per day you would probably have it rented quickly.Put together your pro forma and if the numbers make sense pull the trigger based on cash flow / cash on cash type metrics.The only question mark is whether you're planning to cater to a 12 month tenant or rather a seasonal expat tenant - you will need to be very careful with your vacancy rate given the nature of the location.  

Just as an example when you go to a food store and they have the hanging scales so you have an idea of how much you are buying but they say not legal for tender.. those scales are $300+ and they are not repeatable to bill you on.

Food for thought also: is transferring a property into a trust not a violation of the due on sale?